NileSat’s Net Profit Dropped by 22% in the First Nine Months of 2021

The Egyptian Satellite Company SAE, trading as EGSA.CA, has reported net profits of USD 20.3 million in the first nine months of 2021, a drop of 22% year-on-year (YoY) from USD 26.07 million. 

The Egypt-based satellite radio and television broadcasting operator, NileSat, generated USD 86.66 million in revenue in January-September 2021. The amount is an 8.3% decline compared to the USD 93.89 million reported last year. According to a bourse disclosure on Tuesday, in the January-June period, NileSat’s revenues declined to USD 59.49 million compared to USD 63.78 million in the previous year.

In addition, during the first quarter (Q1) of 2021, the company logged net profits of USD 15.31 million, up from USD 10.8 million in Q1-20. However, the revenues fell to USD 30.95 million in the January-March period from USD 32.36 million in the corresponding period a year earlier. 

Similarly, in the first half (H1) of 2021, NileSat’s net profit shrank by 7.5%. As a result, the company reported net profits of USD 18.19 million in the January-June period, down from USD 19.56 million in the first half (H1) of 2020. 

Since NileSat reported nearly USD 200 million in annual revenue in 2014, its revenue seems to decline steadily. However, NileSat’s contract with SpaceX for the in-orbit delivery of its Nile-301 geostationary communications satellite is still in progress and is expected to launch in the first quarter of 2022.  Nilesat-301 will deliver communications and direct digital broadcasting services to Nilesat’s existing customer base and help extend the company’s footprint in new markets in North Africa, the Middle East, Sudan and East Africa.